Ineffective payroll management and shoddy payroll systems can result in personal liability (including JAIL TIME) for non-compliance.
Business Management Daily helps our readers with information on payroll processing and tips on timesheets that will help you to implement payroll programs that pay off.
Q: An employee had pretax deductions made from her pay for mass transit passes. She terminated in the middle of January with a balance in her account, which she now wants refunded. Can we do this? If we can, how do we tax the refund?
The next 2,000 Forms 941 to audit as part of the IRS’ National Research Project (NRP) have been selected and all audits are open, said Faris Fink, commissioner of the IRS’ Small Business/Self-Employed Division. Fink said the Payroll NRP has shown high rates of compliance, but problems have become evident—notably, problems involving company cars.
While everyone else is watching college basketball’s “March Madness,” paper W-2 filers will be at their desks sorting through those forms for errors and preparing to file W-2c forms. W-2 e-filers have until April 1 to file their original W-2s with the SSA, but even this extra time won’t be enough to avoid the W-2c hook if errors are discovered after filing.
It’s a frustrating fact of payroll life: Employees lose their W-2s. Here are tips for controlling the reissued W-2 process.
Q: We have some very thick payroll files, so we’re wondering what we need to keep and for how long. We’d also like to confirm that time cards must be kept for seven years.
Well, it took the IRS long enough, but it finally released the official inflation-adjusted figures for 2013. Here’s the roundup.
Despite plenty of new high-tech options, good old-fashioned paper time sheets remain the most popular way to record how many hours employees work, according to a recent HR Specialist poll.
Daylight saving time begins at 2 a.m., March 10. Graveyard-shift workers, therefore, will actually work only seven hours that day.
Natural disasters can bring business to a standstill. It’s critical to maintain redundant systems to avoid losing payroll records and preserve the ability to issue paychecks.
Q. Some of our employees punch in 30 minutes before their shifts are scheduled to begin, and by doing so, they’re racking up overtime. They’ve been told many times not to do this, but they don’t listen. Do we have to pay them for the time after they clock in but before their shifts begin?